# Meta Platforms, Inc. (META)

> Source: Nexqual · https://nexqual.com/META · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Meta Platforms, Inc. (META), nexqual.com/META" · informational, not investment advice.

**Price:** USD 648.85 (-6.98% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 697.52 · day 639.69–681.07 · 52w 520.26–779.82 · market cap $1.65T · NMS

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $242B, net income $75.2B (31.1% margin), free cash flow $28.6B (SEC filings).
- Valuation: P/E 22.0x (avg 25.5x at the last 3 fiscal year-ends), EV/EBITDA 16.0x, net debt $1.22B.
- 32 of 80 tracked superinvestors hold META (13F, Q2 2026 (2 investors on Q3 2026, filed early)): 5 new, 10 added, 13 reduced, 4 unchanged.
- Analysts: Buy (mean 1.98 on a 1–5 scale) (62 analysts), mean target USD 843.48 (range 600–1,050).
- Total return with dividends: 1Y -11.3% vs S&P 500 +14.9%; 5Y +101.8% vs S&P 500 +80.3%.
- Next earnings: 2026-10-21, EPS estimate USD 8.33, revenue estimate $74.9B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $118B | $117B | $135B | $165B | $201B | $242B |
| Gross profit | $95.3B | $91.4B | $109B | $134B | $165B | — |
| Operating income | $46.8B | $28.9B | $46.8B | $69.4B | $83.3B | $79.4B |
| Net income | $39.4B | $23.2B | $39.1B | $62.4B | $60.5B | $75.2B |
| EPS (diluted) | $13.77 | $8.59 | $14.87 | $23.86 | $23.49 | — |
| Free cash flow | $39.0B | $19.3B | $44.1B | $54.1B | $46.1B | $28.6B |
| Gross margin | 80.8% | 78.3% | 80.8% | 81.7% | 82.0% | — |
| Operating margin | 39.6% | 24.8% | 34.7% | 42.2% | 41.4% | 32.9% |
| Net margin | 33.4% | 19.9% | 29.0% | 37.9% | 30.1% | 31.1% |
| Revenue growth | +37.2% | -1.1% | +15.7% | +21.9% | +22.2% | — |
| Cash + short-term investments | $48.0B | $40.7B | $65.4B | $77.8B | $81.6B | — |
| Total debt | $0K | $9.92B | $18.4B | $28.8B | $58.7B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 22.0x · P/S 6.8x · EV/EBITDA 16.0x · EV/Sales 6.8x · P/FCF 57.7x · P/B 6.1x · FCF yield 1.73% · Earnings yield 4.55% · Dividend yield (paid, TTM) 0.33% · Buyback yield (TTM) 0.00% · Net debt $1.22B · EV $1.65T
P/E at fiscal year-ends: Dec 2025 28.1x, Dec 2024 24.5x, Dec 2023 23.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
32 of 80 tracked investors hold META (2 investors on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Robert Vinall | RV Capital GmbH | 20.45% | $78.3M | Reduced -4.5% | Q2 2026 |
| Bill Ackman | Pershing Square | 9.25% | $1.80B | New position | Q2 2026 |
| ValueAct Capital |  | 9.15% | $516M | Unchanged | Q2 2026 |
| David Rolfe | Wedgewood Partners | 8.89% | $43.1M | Added +16.2% | Q2 2026 |
| Pat Dorsey | Dorsey Asset Management | 7.21% | $113M | Added +23.6% | Q2 2026 |
| Chase Coleman | Tiger Global Management | 6.63% | $1.59B | Reduced -8.5% | Q2 2026 |
| Triple Frond Partners |  | 5.91% | $66.3M | Unchanged | Q2 2026 |
| Francois Rochon | Giverny Capital | 5.74% | $171M | Reduced -1.6% | Q2 2026 |
| David Tepper | Appaloosa Management | 5.09% | $380M | Added +54.6% | Q2 2026 |
| First Pacific Advisors |  | 4.81% | $383M | Reduced -0.1% | Q2 2026 |
| Terry Smith | Fundsmith | 4.34% | $593M | Reduced -20.4% | Q2 2026 |
| Clifford Sosin | CAS Investment Partners | 4.08% | $76.7M | New position | Q2 2026 |
| Wallace Weitz | Weitz Investment Management | 4.02% | $58.0M | Reduced -2.6% | Q2 2026 |
| Christopher Davis | Davis Advisors | 3.99% | $929M | Reduced -4.1% | Q2 2026 |
| Lee Ainslie | Maverick Capital | 3.88% | $430M | New position | Q2 2026 |
| David Abrams | Abrams Capital Management | 3.34% | $183M | Unchanged | Q2 2026 |
| Samantha McLemore | Patient Capital Management | 3.20% | $96.2M | Reduced -0.2% | Q2 2026 |
| First Eagle Investment | First Eagle Investment Management | 3.03% | $1.81B | Added +0.8% | Q2 2026 |
| Viking Global | Viking Global Investors | 3.00% | $1.05B | Added +75.8% | Q2 2026 |
| David Katz | Matrix Asset Advisors | 2.31% | $28.0M | Added +2.4% | Q3 2026 |
| Dodge & Cox Funds | Dodge & Cox | 1.91% | $3.66B | Added +29.4% | Q2 2026 |
| Mairs & Power | Mairs & Power Funds | 1.72% | $188M | Added +2.5% | Q2 2026 |
| Polen Capital | Polen Capital Management | 1.60% | $186M | Reduced -30.9% | Q2 2026 |
| Jensen Investment Management |  | 1.49% | $61.7M | Reduced -67.9% | Q2 2026 |
| John Armitage | Egerton Capital | 1.42% | $140M | New position | Q3 2026 |
| Ruane Cunniff | Ruane Cunniff LP | 1.35% | $86.9M | Reduced -23.3% | Q2 2026 |
| Sarah Ketterer | Causeway Capital Management | 1.23% | $113M | Added +39.1% | Q2 2026 |
| Thomas Gayner | Markel Group | 1.00% | $132M | Reduced -5.7% | Q2 2026 |
| Bill Miller | Miller Value Partners | 0.85% | $3.6M | New position | Q2 2026 |
| Van Den Berg Management I |  | 0.70% | $3.3M | Reduced -2.3% | Q2 2026 |
| Glenn Greenberg | Brave Warrior Advisors | <0.01% | $210K | Unchanged | Q2 2026 |
| Bill Nygren | Oakmark Funds | <0.01% | $2.6M | Added +4.3% | Q2 2026 |

## Analysts
Consensus Buy (mean 1.98 on a 1–5 scale), 62 analysts; mean target USD 843.48 (low 600, high 1,050).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | UBS | Target raised | Buy | $884 → $892 |
| 2026-10-22 | Citigroup | Target raised | Buy | $895 → $905 |
| 2026-10-22 | DA Davidson | Target raised | Buy | $700 → $800 |
| 2026-10-22 | BMO Capital | Target raised | Market Perform | $580 → $685 |
| 2026-10-22 | Evercore ISI Group | Target raised | Outperform | $860 → $870 |
| 2026-10-22 | Mizuho | Target raised | Outperform | $750 → $950 |
| 2026-10-22 | Barclays | Target raised | Overweight | $780 → $880 |
| 2026-10-22 | RBC Capital | Target raised | Outperform | $770 → $800 |
| 2026-10-22 | Wells Fargo | Target lowered | Overweight | $1000 → $995 |
| 2026-10-22 | Citizens | Reiterated | Market Outperform | $885 |
| 2026-10-22 | Scotiabank | Target raised | Sector Perform | $600 → $650 |
| 2026-10-22 | JP Morgan | Target raised | Overweight | $920 → $940 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -11.3% | +101.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -11.3% | +15.0% |
| Volatility (annualized) | 42.8% | 43.3% |
| Max drawdown | -29.9% (Oct 2025→Mar 2026) | -73.7% (Nov 2021→Oct 2022) |

## Peers (Internet Content & Information)
GOOGL (Alphabet Inc.) USD 324.22 -3.15% · SPOT (Spotify Technology S.A.) USD 583.66 +11.10% · NBIS (Nebius Group N.V.) USD 159.17 -7.23% · RDDT (Reddit, Inc.) USD 150.26 -1.97% · BIDU (Baidu, Inc.) USD 77.98 -1.07% · TME (Tencent Music Entertainment Gro) USD 8.6 +1.90%

## More
Full page: https://nexqual.com/META · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in META's own 10-K filed 2026-01-29 (https://www.sec.gov/Archives/edgar/data/1326801/000162828026003942/meta-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Competitor | ByteDance | "User growth and engagement are also impacted by a number of other factors, including competitive products and services, such as TikTok, that have reduced some users' engagement with our products and services, as well as …" |
| Competitor | Apple (AAPL) | "For example, each of Apple and Google have integrated competitive products with iOS and Android, respectively." |
| Competitor | Alphabet (Google) (GOOGL) | "For example, each of Apple and Google have integrated competitive products with iOS and Android, respectively." |

Other companies that name META in their own reports (relationship from META's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | AIRWA INC. (YYAI) | 10-K 2026-09-21 | "partners, resellers, and other intermediaries that have relationships with Google, Meta, TikTok and other digital advertising platforms" |
| competitor | QUINSTREET, INC (QNST) | 10-K 2026-08-26 | "Some of our competition also comes from agencies or clients spending directly with larger websites or portals, including Google, Yahoo!, Microsoft and Meta." |
| partner | KNOREX LTD. (KNRX) | 20-F 2026-08-19 | "commitment to excellence has been recognized by our industry partners, including being enlisted as a Meta Business Partner and Google" |
| partner | Paranovus Entertainment Technology Ltd. (PAVS) | 20-F 2026-08-14 | "We planned to utilize social media platforms like Facebook, Instagram, Twitter, and TikTok to share engaging content, conduct live demos, and collaborate with influencers." |
| competitor | LiveOne, Inc. (LVO) | 10-K 2026-06-29 | "Our competitors include (i) broadcast radio providers, including terrestrial radio providers such as CBS and satellite radio providers such as Sirius XM, (ii) interactive on-demand audio content and p…" |
| customer | Coincheck Group N.V. (CNCK) | 20-F 2026-06-29 | "We utilize primarily digital marketing, both broad-based advertisements on platforms, such as Facebook and YouTube, and more targeted advertisements on search platforms as well as affiliated programs." |
| competitor | PodcastOne, Inc. (PODC) | 10-K 2026-06-29 | "In particular, if known incumbents in the digital media space such as Facebook choose to offer competing services, they may devote greater resources than we have available, have a more accelerated tim…" |
| supplier | American Outdoor Brands, Inc. (AOUT) | 10-K 2026-06-25 | "We believe social media platforms, such as Facebook, Instagram, and YouTube, are effective in enabling us to showcase content, educate our customer base about our products, and generate enthusiasm for…" |
| supplier | Rocky Mountain Chocolate Factory, Inc. (RMCF) | 10-K 2026-05-29 | "The majority of stores have location-specific Facebook® and Instagram® accounts dedicated to helping customers interact directly with their local store." |
| partner | Reservoir Media, Inc. (RSVR) | 10-K 2026-05-28 | "In connection with the digital distribution of our music, we currently partner with a broad range of digital music services, such as Amazon, Apple, Deezer, Spotify, SoundCloud, Tencent Music Entertain…" |
| competitor | Digital Turbine, Inc. (APPS) | 10-K 2026-05-26 | "Broadly, our ODS platform faces competition from existing operator solutions built internally, as well as companies providing application and content media products and services, such as Facebook, Sna…" |
| partner | VODAFONE GROUP PUBLIC LTD CO (VOD) | 20-F 2026-05-22 | "Through partnerships with second-tier OEMs and local assembly initiatives in Egypt and South Africa, we introduced affordable models ranging from $20 to $42, tailored with features like WhatsApp, Face…" |
| partner | TAKE TWO INTERACTIVE SOFTWARE INC (TTWO) | 10-K 2026-05-22 | "We advertise our mobile games primarily within other mobile applications and on social networks, often through in-app and other advertising partners such as Facebook and Google." |
| competitor | Doximity, Inc. (DOCS) | 10-K 2026-05-19 | "•Competing for members: We compete with large technology companies that have developed online networking and collaboration tools such as LinkedIn, Facebook, Google, and X, in addition to smaller, emer…" |
| supplier | MASTERBEEF GROUP (MB) | 20-F 2026-05-15 | "media channels, we actively communicate to our customers in social media platforms such as Facebook and Instagram." |

## Revenue by business segment (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Family of Apps | $64.16B | 99.3% | +26.4% | $17.12B | 26.7% |
| Reality Labs | $443.0M | 0.7% | -5.7% | -$4.13B | -932.1% |
| Total revenue | $64.60B | 100% | — | $12.99B | 20.1% |

## Revenue by product line (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Advertising | $63.06B | 97.6% | +25.9% |
| Other revenue | $1.10B | 1.7% | +59.0% |
| Total revenue | $64.60B | 100% | — |

## Revenue by region (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| US & Canada | $26.22B | 40.6% | +33.0% |
| Asia Pacific | $16.99B | 26.3% | +18.8% |
| Europe | $14.02B | 21.7% | +21.2% |
| Rest Of World | $7.37B | 11.4% | +30.1% |
| Total revenue | $64.60B | 100% | — |

## Company outlook (8-K filed 2026-10-21)

- "Commentary We expect fourth quarter 2026 total revenue to be in the range of $73-76 billion."
- "Our guidance assumes foreign currency is an approximately 1% headwind to year-over-year total revenue growth, based on current exchange rates."
- "We are raising our expense outlook to incorporate the $9.9 billion charge related to legal proceedings recognized in the third quarter."
- "We now expect full year 2026 total expenses to be in the range of $175-179 billion."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $8.33 | $8.49 | -1.9% | $74.94B | 41 |
| Next quarter (ends 2027-03-31) | $7.62 | $8.34 | -8.6% | $68.38B | 29 |
| Current fiscal year (ends 2026-12-31) | $29.24 | $33.05 | -11.5% | $256.54B | 53 |
| Next fiscal year (ends 2027-12-31) | $33.92 | $35.14 | -3.5% | $311.29B | 55 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-26 | 3 | 40.7% | ±3.5% |
| 2026-10-28 | 5 | 42.5% | ±4.4% |
| 2026-10-30 | 7 | 41.9% | ±5.0% |
| 2026-11-02 | 10 | 38.4% | ±5.4% |
| 2026-11-04 | 12 | 38.5% | ±5.9% |
| 2026-11-06 | 14 | 39.8% | ±6.5% |
| 2026-11-13 | 21 | 38.5% | ±7.7% |
| 2026-11-20 | 28 | 38.0% | ±8.6% |